Gayrimenkul geliştirme projelerinde nakit akışlarındaki belirsizliklerin karar ağacı analizi ile değerlendirilmesi

Küreselleşme sürecinde hızla gelişen gayrimenkul piyasaları ve artan rekabetçi piyasa koşulları ile risklerin değerlendirilmesi, gayrimenkul yatırım değerleme sürecinin en önemli hedefi haline gelmiştir. Bu makale inşaat izinlerinden kaynaklanan gecikmeler ve gayrimenkul geliştirme projelerinin ilişkilerini Karar Ağacı Analizi (KAA) ile açıklamaktadır. Beklenen Değer (BD) kriteri geleneksel İndirgenmiş Nakit Akış (İNA) yöntemine dahil edilerek ve KAA ile ifade edilmiştir. Bu yatırım kararlarının gerçek dünyaya daha yakın olmasına yardımcı olacak bir fayda sağlayarak daha iyi şartlarda karar alma ve risk analizi imkanlarını sağlayacaktır. Sonuçta elde edilen değerler geleneksel NBD yöntemleri ile tutarlılık göstermektedir. Ancak araştırma sonuçları geleneksel NBD yönteminin inşaat sürelerindeki gecikmeler ve zamanlama gibi belirsizlikler ile ilgili eksikliklerini KAA ile giderilebildiğini göstermiştir. Bunlara ek olarak BD ve KAAnin uygulanması ile elde edilen sonuçların, inşaat izinlerindeki gecikmelerin gayrimenkul geliştirme projelerinin NBDlerinde belirgin miktarda değişiklik yarattığını vurgulamıştır.

Cash flow valuation in real estate development projects with decision tree analysis

With the rapid development of real estate markets under globalization and competitive market conditions, risk evaluation has been one of the most important tasks in the process of real estate investment valuation. This paper describes the relationship between construction permit uncertainties and real estate development projects using decision tree analysis (DTA). The expected value (EV) criterion for a proposed office development project is incorporated into a conventional discounted cash flow (DCF) analysis determined by DTA. This will help utility function to come closer to the real world, so that decision making and risk analysis can be done based on more realistic data, providing better information for investors. The results are consistent with the results calculated by conventional DCF analysis. However, research demonstrates that the application of DTA obviates the deficiencies of conventional DCF analysis regarding construction permit delays and scheduling uncertainties. Results also emphasize the importance of applying EV and DTA, as construction permit delays generate a significant change in NPV of real estate development projects.

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